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This is what happens when your owner dies.

weams

By weams
in Orioles Talk

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spiritof66 Hangout Grand Counsel

spiritof66

Posted
Posted
9 minutes ago, Beetlejuice said:

What, the singular MLB?  The owners each have a vote.  If they are wary of young Angelos becoming the father, or merely as an act of revenge or to serve as a warning, they are going to vote how they want.  Yeah, I could see a lot of them wanting some payback for airing their dirty laundry in public.

Whichever heir of the current owner tries to succeed hi, he will be a pauper by the standards of MLB owners. The owners are very likely to reject him on those grounds, even if they have other motivations.

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Beetlejuice AAA

Beetlejuice

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On 8/5/2017 at 3:52 AM, MDtransplant757 said:

Oh please Jesus, let this happen. 

The Orioles and MLB would both be well served by such a deal.  I'd imagine the selling price would approach 1B.  Plank would probably have to scratch together about 100-250M and form an ownership group with matching funds and finance the rest.  Shouldn't be too hard with TV revenues and selling naming rights.  But once again, the MASN dispute has to be settled before a sale can take place. 

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Beetlejuice

Posted
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1 minute ago, spiritof66 said:

Whichever heir of the current owner tries to succeed hi, he will be a pauper by the standards of MLB owners. The owners are very likely to reject him on those grounds, even if they have other motivations.

If a pro franchise is like any other asset, it should receive a fair market valuation before being disposed.  But rich people being what they are, might have a way around this.

I'd imagine other owners want their gets to be able to inherit the team, so I can't see this being an issue other than an excuse.  If they want it to happen, they will find a way, even if it requires financing the transfer.  But this is why MLB and every other pro league requires owners to submit succession plans.  They like stability.  They also love family ownership for that reason.  Most rich families are pretty stable.  Unless you are someone like the Haft family (of the Crown Books fame).

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Beetlejuice AAA

Beetlejuice

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Posted

Just read the blog post by Spiritof66.  I wanted to comment on the possibility of using life insurance as a way of paying for estate taxes.  This is almost certainly not an option due to Angelos being 88 years old.

Using an insurance policy to pay for estate taxes works like this: The estate owner takes out a policy on themselves betting they will die before the term does.  If so, the insurance pays out to the estate and the taxes are paid. If not, they pay some hefty premiums to extend the insurance.  The insurance proceeds are not subject to taxation.  This is due to some hefty lobbying by estate planners and the insurance industry.

The problem with Angelos being 88 is that the premiums would be astronomical to say the least.  Let's say Angelos would need $400M to cover the estate taxes, and he bets he dies within the next ten years.  What insurance company is going to take that bet?  Now we don't know his estate planning, but even if he thought of using insurance as a vehicle for tax avoidance 24 years ago when he bought the O's with him being a spring chicken at 64, he still would have been late to the game for purchasing insurance.  And even then, there was no way he could have known the value of the Orioles would have increased almost 10x.

This is going to be a problem for most pro leagues whose owners want to establish dynastic control for their offspring.  Corporate ownership is going to swallow them up.  My heart bleeds for them. 

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